Just as we thought the previous Tory government couldn’t get any worse, it seems like Liz Truss’ administration is hell-bent on wreaking more havoc to the economy, delivering massive tax cuts for her super-rich banker mates while failing to properly support working people through the cost-of-living crisis.

Kwasi Kwarteng's kamikaze ‘mini-budget’ has tanked the UK economy, shredded investor confidence and sent shockwaves across the mortgage markets.

At a time of unprecedented global instability, the package of measures that have been unveiled are the exact opposite of what we need.

While public services are on the brink, Truss’ apparent solution is to spend vast sums on tax breaks for the super-rich and ignore the opportunity to properly apply a windfall tax and rake in £170 billion for the exchequer.

During Conservative Party Conference, we were treated to a selection of dreadful policy offerings, with Truss’ Tories trotting out line after line of ill-thought-out nonsense as the UK stared down the barrel of increasing economic uncertainty.

Sure enough, as the credit rating agencies and international markets responded, it wasn’t long before Kwarteng and Truss were forced into a set of screeching U-turns at the behest of their MPs. Truss is rapidly losing control and I imagine it won’t be long before more commitments made in the ‘mini-budget’ are shelved too.

To top things off, the instability in the economy is setting off warning lights right across the country, with pension funds and mortgage providers alike having to react to the widespread sell-off of government bonds.

As Martin Lewis set out on Good Morning Britain on Monday, it looks like a range of problems are forming when it comes to mortgages, with the predicted increases in interest rates likely to cause widespread payment difficulties. The UK government needs to act now and ensure that working people don’t bear the brunt of its economic incompetence, but as with everything else, it looks like they haven’t got a clue

By contrast, the Welsh Government is acting to support people in Wales, providing £1.6bn in targeted support and universal programmes which will put money back in people’s pockets.

This includes a national fuel voucher and heat fund scheme for households on pre-payment meters, and an extra £15 million for the Discretionary Assistance Fund.

The next UK Labour government will follow Welsh Labour’s example, we won’t be handing bankers massive bonuses or allowing fracking to wreck our natural environment. We’ll stand by working people and build a fairer, greener United Kingdom.

My team continues to support people across Newport West. If you have a query or require assistance, please contact me at ruth.jones.mp@parliament.uk or 01633 256268.